Why are you building this house?
This is usually a pretty easy question to answer, but it is also very important. The most
common reasons people build modular homes are a) To create their custom dream
home on the perfect piece of land b) to live in for a short time and sell it or simply “flip
it” for a profit as soon as it is finished or c) to create income by using it as a rental
property.
The reason it is important to consider why you are taking on this project is because the
answer to this question will have an effect on the decision making process when
selecting which options and upgrades to include in the house.
If you are building a home to live in and enjoy for the rest of your life you will want to
select the options that fit best with your lifestyle. You may be willing to pay a little extra
for the options you consider most important and feel you will get the most use out of. If
you don’t have the money to get everything you want right away, you will want to
consider which upgrades will be easiest to add later. On the other hand, if you are
building a home that you plan to sell or rent, you will benefit by making different choices.
If your goal is to build a modular home on your property and sell it for a profit your only
goal should be in maximizing your profit.
You will want to do a little research by looking at houses in the area that you will be
building to get an idea of what kind of houses are there already. You want to see if
there is a specific feature that all of the other houses have in the area that would be a
selling point. For example, if the houses overlooked a beautiful view and all of the
houses had decks to take advantage of this, you would probably want to include a
deck. On the other hand, you certainly do not want to add any extras that would not be
an obvious selling point to the great majority of the people who will be interested in
buying the home. Even if you have always wanted to have stadium seating in your
basement to watch football games and movies, you should not spend the extra ten
thousand dollars to do it. Save that idea for the house that you will be living in.
Cabinets and appliances, etc. should be good quality, but again, don’t go overboard.
Every person or family has a different idea of which options and features are most
important in a house. Even in a brand new spec house the buyers will probably want to
make a few changes, so don’t spend too much on extravagant options and upgrades
since you can never be sure which ones provide any added value for a prospective
buyer.
When building a modular home to use as a rental property you will want to consider
many of the same things that you consider when building a modular home to sell. You
will definitely want to minimize the upgrades you choose in the house. Since renters do
not generally stay for long periods of time, they are less likely to be concerned about
things like color and quality of cabinets, appliances, etc. The standard white oak
cabinets that come with most homes will be fine. You may be able to leave the white
primer on the walls instead of spending a lot of money painting. And keep in mind the
more amenities you add to a rental property (ceiling fans, etc.), the more often you will
be getting calls from your tenants asking you to fix things.
Renters are also less likely to take care of a house the way an owner would so you may
want to consider things that will make it easier to maintain the house like putting tile
flooring in an area where the carpet is likely to be damaged from use. In general, you
will want to make the home nice and livable, but you don’t want to spend any more than
you have to on extras for a house that will most likely be lived in by several different
people, all with different likes and dislikes.
Some Things To Consider When Pricing Modular Homes
This series of tips will give you great information that will help you understand what is
involved in determining the pricing of modular homes. Jack Bowman gives you tips
from his experience as a sales professional in the modular home industry.
This series of tips will give you great information that will help you understand what is
involved in determining the pricing of modular homes. Jack Bowman gives you tips
from his experience as a sales professional in the modular home industry.
